Hello traders! After reaching a 65k Bitcoin, we are most likely coming back to 42k for multiple different reasons. The main reason being our 100 week moving average is around 42k. Now this is a daily chart (just pull up a bitcoin weekly chart with 100 ma), so I won't be able to show that unfortunately. The second reason being is the fact we have a strong legacy support from Oct 2020 that we haven't tested since then. The last reason being, 42k was a hard resistance we couldn't break out back in January 2021. There are somethings most people are forgetting. Zoom out and look at the bigger picture. If bitcoin closes a weekly candle above 54k I would expect us to move higher, and all of this is invalid.
Looking at the Fib Retracement on the Daily chart here, you can see the 0.618 Fib Level is at 42650.
Looking at the RSI, this is the lowest it's been since Sept 2020.
Looking at the BB 20, you can see it hitting these legacy trend lines several times on our way up to 42k.
Indicators:
Volume
BB 20
Simple Fib Retracement
RSI
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Happy Trading :D
Any questions? Leave them below.
Looking at the Fib Retracement on the Daily chart here, you can see the 0.618 Fib Level is at 42650.
Looking at the RSI, this is the lowest it's been since Sept 2020.
Looking at the BB 20, you can see it hitting these legacy trend lines several times on our way up to 42k.
Indicators:
Volume
BB 20
Simple Fib Retracement
RSI
Leave a Comment, a Like, and a Follow for future updates.
Happy Trading :D
Any questions? Leave them below.